E-conomic, Danish company that provides cloud-based accounting system for small and medium businesses, has accepted acquisition offer from HgCapital, private equity fund from London reports ComputerWorld.dk. The deal was cloased in July but the news has been revealed only today. The goals of this partnership are to make e-conomic number one accounting serivce in the world and create more jobs in Denmark and other European states. E-conomic’s management believes that HgCapital’s experience in investing in software companies will add necessary level of expertise and skill set to fulfill this ambition.
“Since our new owner is a well established player in the European market in software for accounting and auditing this will open new opportunities and space for our development. It will mean that we almost certainly going to be able to offer even more powerful solutions for our users and partners and create even more jobs than we are already doing,” says Torben Frigaard Rasmussen, CEO of e-conomic in e-conomic’s news blog.
Indeed, e-conomic has a great growth potential. Company’s turnover has increased by 33 percent from year 2011 to 2012 and reached 96 million. At the moment e-conomic has more than 167.000 business customers and still sees numerous opportunities to expand both in Denmark and internationally. CEO of HgCapital, Nic Humphries, notes:
“We believe e-conomic has potential to be a true champion in this sector globally and we will work closely with them two deliver this potential.”